Fox Corp Will Acquire Tubi to Enter the Streaming Wars

Broadcast news and entertainment giant Fox Corporation (NASDAQ: FOX) (NASDAQ: FOXA), announced late Tuesday that it would acquire free, ad-supported streaming service Tubi for $440 million in cash. The company said the move was designed to "broaden and enhance FOX's direct-to-consumer digital reach and engagement." The deal is expected to close by June 30. 

Fox, which emerged after the sale of 21st Century Fox assets to Disney, said it will continue to run Tubi as an independent service, so it won't be rebranded with the Fox logo.

Image source: Tubi.

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Source Fool.com